Price Sources

Overview

Price sources (NavData) provide USD-denominated pricing for all assets in the Multiliquid Program. Each asset can have 1-5 pricing sources, which are aggregated and validated during swap execution.

NAV Data Types

The program supports three types of NAV pricing sources:

U64FixedAddress

Read price from a fixed byte offset in an on-chain account.

NavData::U64FixedAddress {
    nav_account_address: Pubkey,  // Account containing price data
    nav_price_offset: u16,        // Byte offset to read price (as u64)
    price_decimals: u8,           // Decimal places (0-9)
}

How It Works:

Read account data at nav_account_address
Read u64 at byte offset nav_price_offset
Interpret value with price_decimals decimal places

Use Cases:

Custom price oracle accounts
RWA issuer-published NAV accounts
Any account storing price as u64 at known offset

Example Configuration:

// Read price from offset 0 in a custom oracle account
const navData = {
  u64FixedAddress: {
    navAccountAddress: oracleAccount,
    navPriceOffset: 0,      // Read from start of account data
    priceDecimals: 6,       // Price has 6 decimal places
  }
};

// Example: Price of 1050000 with 6 decimals = $1.05

Hardcoded

Static price value for stable-value assets.

NavData::Hardcoded {
    hardcoded_price: u64,   // Fixed price value
    price_decimals: u8,     // Decimal places (0-9)
}

How It Works:

Return hardcoded_price directly
Interpret with price_decimals decimal places

Use Cases:

Dollar-pegged stablecoins (USDC, USDT)
Assets with contractually fixed prices
Testing and development environments

Example Configuration:

// Stablecoin pegged to $1.00
const navData = {
  hardcoded: {
    hardcodedPrice: new BN(1_000000),  // 1.000000
    priceDecimals: 6,
  }
};

// Example: Price of 1000000 with 6 decimals = $1.00

Hardcoded prices are ideal for dollar-pegged stablecoins that maintain a 1:1 USD value. They have zero external dependencies and minimal gas costs.

PythPush

Pyth Network oracle integration for market prices.

NavData::PythPush {
    pyth_push_account_address: Pubkey,  // Pyth receiver price update account
    feed_id: [u8; 32],                  // Expected Pyth feed id
    max_age_secs: u64,                  // Maximum accepted price age
    max_conf_bps: u16,                  // Maximum accepted confidence ratio
}

How It Works:

Deserialize the configured Pyth receiver PriceUpdateV2 account
Verify the account’s feed id matches feed_id
Require the update to be no older than max_age_secs
Require confidence to be within max_conf_bps
Normalize the Pyth price and exponent into the program’s 9-decimal NAV format

Use Cases:

Market-priced assets with Pyth feeds
Real-time price updates
Cross-chain price consistency

Example Configuration:

// Pyth oracle for an RWA with market price
const navData = {
  pythPush: {
    pythPushAccountAddress: pythPriceAccount,
    feedId: Array.from(Buffer.from("40ac3329933a6b5b65cf31496018c5764ac0567316146f7d0de00095886b480d", "hex")),
    maxAgeSecs: new BN(86_400),
    maxConfBps: 100,
  }
};

Pyth oracle integration requires the correct receiver account and feed id. Stale updates, excessive confidence ratios, or feed-id mismatches will reject the source.

Price Aggregation

When multiple NAV sources are configured for an asset, the program performs price aggregation:

Aggregation Process

┌─────────────────────────────────────────────────────────┐
│                  Price Aggregation                       │
├─────────────────────────────────────────────────────────┤
│  1. Read all NAV sources                                │
│     Source 1: $1.0500 (6 decimals)                     │
│     Source 2: $1.0510 (8 decimals)                     │
│     Source 3: $1.0495 (6 decimals)                     │
│                                                         │
│  2. Normalize to 9 decimals                            │
│     Source 1: 1_050_000_000                            │
│     Source 2: 1_051_000_000                            │
│     Source 3: 1_049_500_000                            │
│                                                         │
│  3. Validate divergence (e.g., 100 BPS = 1%)          │
│     Max: 1_051_000_000                                 │
│     Min: 1_049_500_000                                 │
│     Diff: 0.14% ✓ (within threshold)                   │
│                                                         │
│  4. Calculate average                                   │
│     Average: 1_050_166_666 (9 decimals)               │
│     = $1.050166666                                     │
└─────────────────────────────────────────────────────────┘

Divergence Validation

The price_difference_bps setting controls maximum allowed price divergence:

// In AssetConfig
pub price_difference_bps: u16,  // Maximum divergence in basis points

Calculation:

divergence_bps = (max_price - min_price) / max_price × 10000

Behavior:

If divergence_bps > price_difference_bps: Return 0 (block swaps)
If within threshold: Return average price

Example:

price_difference_bps = 100 (1%)

Source 1: $1.05
Source 2: $1.06
Divergence: 0.95% ✓ Allowed

Source 1: $1.05
Source 2: $1.10
Divergence: 4.55% ✗ Blocked (returns 0)

Decimal Normalization

All prices are normalized to 9 decimal places internally:

Source Decimals	Raw Value	Normalized (9 decimals)	USD Value
6	1_050000	1_050_000_000	$1.05
8	105_000000	1_050_000_000	$1.05
9	1_050000000	1_050_000_000	$1.05

Normalization Formula:

normalized = raw_value × 10^(9 - source_decimals)

Configuration Examples

Single Source: Dollar-Pegged Stablecoin

// USDC with fixed $1.00 price
const usdcNavData = [{
  hardcoded: {
    hardcodedPrice: new BN(1_000000),
    priceDecimals: 6,
  }
}];

await program.methods
  .initAssetConfigAccount(
    usdcNavData,
    0,  // No divergence check needed (single source)
    { stable: {} }
  )
  .accounts({ /* ... */ })
  .rpc();

Single Source: RWA with Custom Oracle

// RWA with price published to custom account
const rwaNavData = [{
  u64FixedAddress: {
    navAccountAddress: issuerOracleAccount,
    navPriceOffset: 0,
    priceDecimals: 6,
  }
}];

await program.methods
  .initAssetConfigAccount(
    rwaNavData,
    0,  // Single source
    { rwa: {} }
  )
  .accounts({ /* ... */ })
  .rpc();

Multiple Sources: RWA with Redundancy

// RWA with primary oracle + Pyth backup
const rwaNavData = [
  {
    u64FixedAddress: {
      navAccountAddress: primaryOracle,
      navPriceOffset: 0,
      priceDecimals: 6,
    }
  },
  {
    pythPush: {
      pythPushAccountAddress: pythAccount,
      feedId: Array.from(Buffer.from("40ac3329933a6b5b65cf31496018c5764ac0567316146f7d0de00095886b480d", "hex")),
      maxAgeSecs: new BN(86_400),
      maxConfBps: 100,
    }
  }
];

await program.methods
  .initAssetConfigAccount(
    rwaNavData,
    100,  // Allow 1% divergence between sources
    { rwa: {} }
  )
  .accounts({ /* ... */ })
  .rpc();

Reading NAV Accounts in Swaps

When executing swaps, NAV source accounts must be passed as remaining accounts:

// Collect all NAV source accounts for both assets
const navAccounts = [
  // RWA NAV sources
  { pubkey: rwaOracleAccount, isWritable: false, isSigner: false },
  // Stablecoin NAV sources (if not hardcoded)
  // ... additional accounts as needed
];

await program.methods
  .swap(amount, minOut, null, { stableToAsset: {} }, { exactIn: {} })
  .accounts({ /* ... */ })
  .remainingAccounts(navAccounts)
  .rpc();

Hardcoded NAV sources don’t require external accounts. Only U64FixedAddress and PythPush sources need their accounts passed.

Best Practices

Choosing NAV Sources

Asset Type	Recommended Source	Rationale
Dollar-pegged stablecoin	Hardcoded	No oracle dependency, fixed $1.00
NAV-accruing RWA	U64FixedAddress	Issuer publishes official NAV
Market-priced asset	PythPush	Real-time market data
Critical assets	Multiple sources	Redundancy and validation

Divergence Thresholds

Scenario	Recommended BPS	Notes
Single source	0	No divergence possible
Similar sources (same feed)	10-50	Account for timing
Different feeds	100-200	Allow for feed differences
Volatile assets	200-500	Wider tolerance needed

Monitoring

Track NAV source health and availability
Alert on divergence events (swaps blocked)
Monitor Pyth oracle staleness
Verify issuer oracle updates regularly

Error Handling

Error	Cause	Solution
`InvalidFeedId`	Pyth feed id is zeroed	Provide the expected 32-byte feed id
`InvalidMaxAge` / `MaxAgeTooLarge`	Pyth max age is invalid	Use a value from 1 second through 24 hours
`ConfBpsTooLarge`	Pyth max confidence setting exceeds the ceiling	Use 1000 bps or lower
`MissingPythAccount` / `FeedIdMismatch`	Pyth receiver account is missing or for the wrong feed	Pass the configured Pyth account in remaining accounts
`ConfidenceTooLow`	Pyth confidence ratio exceeds `max_conf_bps`	Investigate oracle health or widen the configured threshold
Price returns 0	Divergence exceeded	Check `price_difference_bps`
`InvalidAccountPublicKey`	Required NAV source account was not passed	Include each non-hardcoded source account in remaining accounts

Next: Architecture Overview

Explore the program’s modular design and account structure

Overview

Instructions

Integration

Overview

NAV Data Types

U64FixedAddress

Hardcoded

PythPush

Price Aggregation

Aggregation Process

Divergence Validation

Decimal Normalization

Configuration Examples

Single Source: Dollar-Pegged Stablecoin

Single Source: RWA with Custom Oracle

Multiple Sources: RWA with Redundancy

Reading NAV Accounts in Swaps

Best Practices

Choosing NAV Sources

Divergence Thresholds

Monitoring

Error Handling

Next: Architecture Overview

​Overview

​NAV Data Types

​U64FixedAddress

​Hardcoded

​PythPush

​Price Aggregation

​Aggregation Process

​Divergence Validation

​Decimal Normalization

​Configuration Examples

​Single Source: Dollar-Pegged Stablecoin

​Single Source: RWA with Custom Oracle

​Multiple Sources: RWA with Redundancy

​Reading NAV Accounts in Swaps

​Best Practices

​Choosing NAV Sources

​Divergence Thresholds

​Monitoring

​Error Handling

Next: Architecture Overview

Overview

NAV Data Types

U64FixedAddress

Hardcoded

PythPush

Price Aggregation

Aggregation Process

Divergence Validation

Decimal Normalization

Configuration Examples

Single Source: Dollar-Pegged Stablecoin

Single Source: RWA with Custom Oracle

Multiple Sources: RWA with Redundancy

Reading NAV Accounts in Swaps

Best Practices

Choosing NAV Sources

Divergence Thresholds

Monitoring

Error Handling